Uniswap Dao Debate: Developers Struggles To Handle Bridge Security Issue

According to Token Terminal, cross-chain crypto bridge attacks resulted in the theft of digital assets valued at more than $2.5 billion between 2021 and 2022. Despite efforts to increase the security of the bridge from a number of developers, a discussion on the Uniswap DAO that took place between late 2022 and early 2023 exposed security flaws that still exist in blockchain bridges.

Hackers Defeating Bridge Security

Uniswap Dao Debate: Developers Struggles To Handle Bridge Security Issue

In the past, well-known bridges like Ronin and Horizon used multisig wallets to make sure that only bridge validators could approve withdrawals. Attackers allegedly discovered a way to get around these measures, which eventually allowed them to withdraw cryptocurrency valued at a million dollars. 

Users of these bridges are said to have been left with unbacked tokens as a result. Developers have been choosing “more complicated protocols” like Celer, LayerZero, and Wormhole, which are thought to be more secure after the aforementioned multisig bridges were compromised.

Uniswap DAO Introduced Uniswap v3

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When the year 2022 comes to an end, Uniswap DAO will have announced itself and will have started generating excitement about the implementation of Uniswap v3 in the BNB Chain. According to reports, the decentralized autonomous organization would have the authority to choose which bridge protocol it would apply for cross-chain Uniswap governance during the aforementioned procedure.

With the aforementioned statement, challenges put forth by detractors to evaluate the security of each option immediately ensued. Many commentators are believed to have come to the opinion that no single bridge solution was secure enough for Uniswap’s needs as a result of the aforementioned difficulties.

Given the circumstances, some challengers are said to have come to the conclusion that the only way to secure crypto assets in the cross-chain environment of today’s crypto is with a multibridge solution. According to DefiLlama’s data, there was over $10 billion worth of crypto assets locked on bridges as of February 15. This data demonstrated how important the subject of bridge security is.